Bank of America Cuts CBRE Group (CBRE) Price Target to $47.00

CBRE Group (NYSE:CBRE) had its target price lowered by Bank of America from $54.00 to $47.00 in a report issued on Friday morning. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other equities analysts have also commented on CBRE. ValuEngine lowered shares of CBRE Group from a buy rating to a hold rating in a report on Wednesday, September 19th. Barclays increased their target price on shares of CBRE Group from $58.00 to $60.00 and gave the company an overweight rating in a report on Thursday, August 30th. Finally, Zacks Investment Research raised shares of CBRE Group from a hold rating to a buy rating and set a $55.00 target price on the stock in a report on Monday, August 6th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $52.56.

Shares of NYSE:CBRE traded down $0.51 during trading on Friday, reaching $41.74. The company had a trading volume of 1,938,430 shares, compared to its average volume of 2,509,198. The firm has a market capitalization of $14.18 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.01 and a beta of 1.76. CBRE Group has a 12 month low of $38.05 and a 12 month high of $50.43. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.06 and a quick ratio of 1.13.

CBRE Group (NYSE:CBRE) last issued its quarterly earnings results on Thursday, November 1st. The financial services provider reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.04. The firm had revenue of $5.26 billion for the quarter, compared to analyst estimates of $5.17 billion. CBRE Group had a net margin of 4.32% and a return on equity of 23.45%. The company’s revenue was up 13.4% compared to the same quarter last year. As a group, equities research analysts expect that CBRE Group will post 3.18 EPS for the current year.

In other CBRE Group news, CEO William F. Concannon sold 28,878 shares of the stock in a transaction on Monday, August 20th. The shares were sold at an average price of $47.47, for a total transaction of $1,370,838.66. Following the completion of the sale, the chief executive officer now owns 204,631 shares of the company’s stock, valued at approximately $9,713,833.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.88% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. purchased a new stake in CBRE Group during the 3rd quarter valued at $103,000. Quadrant Capital Group LLC purchased a new stake in CBRE Group during the 3rd quarter valued at $128,000. Hanson & Doremus Investment Management purchased a new stake in CBRE Group during the 3rd quarter valued at $155,000. Advisory Services Network LLC purchased a new stake in CBRE Group during the 3rd quarter valued at $162,000. Finally, IFP Advisors Inc purchased a new stake in CBRE Group during the 3rd quarter valued at $176,000. 94.47% of the stock is owned by institutional investors and hedge funds.

About CBRE Group

CBRE Group, Inc operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting.

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